Best intraday stocks to watch out for on March 03

Best intraday stocks to watch out for on March 03

by 5paisa Research Team Last Updated: Sep 07, 2023 - 05:09 pm 795 Views
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Wednesday’s positive momentum did not sustain and on Thursday it erased most of the gains.

On March 2, the Nifty declined below the previous day's low. It opened with a gap down and failed to get any kind of sustainable intraday bounces. It closed below the 200DMA again. For the four days, the Nifty oscillated around this important long-term moving average. By closing below, the previous day's low, the bears have an upper hand at the movement.

The bulls failed to witness a follow-through day for a successful rally attempt. Interestingly, except for Realty and Energy, all the sectoral indices declined. Wednesday’s gain was seen on the back of lower volume but on Thursday the selling pressure is seen on the back of strong volume, which clearly reflects the mood of the markets i.e., sell on rallies is the theme. The breadth turned negative again.

On the hourly chart, the moving average ribbon acted as resistance at the opening itself. After forming a big bearish candle in the first hour, the market hardly bounced about 50 points. Both the Bank Nifty and Nifty closed near the day low. The IT and the BFSI sector, which led Wednesday’s rally, contributed to Thursday’s fall. Technically, the Nifty is trading below all key long and short-term averages. Now the 200EMA also entered a downtrend. Only a close above the 200EMA will be positive and on the upside the index may test 50DMA. But, if the weekly close is below the 200DMA which stands at 17397 and the 40-week average of 17445, it will be negative for the market. Avoid highly leveraged positions as we draw closer to the weekend.

PAGEIND 

The stock is in a downtrend and has broken below the 14-day base formation. It is trading below all moving averages. The moving average ribbon is in a strong downtrend. It is trading 6.96% below the 50DMA and 2.82% below the 20DMA. The MACD is below the zero line, and the momentum is flattened. RSI is in a strong bearish zone. The Elder impulse system has formed a strong bearish bar. The KST and TSI have been in the set-up. The stock is also below the Ichimoku cloud. In short, the stock is in a strong bearish trend. A move below Rs 37400 is negative and it can test Rs 36120. Maintain a stop loss at Rs 37900.

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